A US Senator introduced the No Digital Dollar Act to ban the US Treasury and Federal Reserve from interfering with Americans’ use of fiat money when launching a central bank digital currency. The bill further states, “No central bank digital currency shall be considered legal tender under Section 16 5103 of Title 31 of the United States Code.”
No Digital Dollar Act introduced
U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled the No Digital Dollar Act to ban the U.S. Treasury Department and Federal Reserve from allowing Americans to use fiat money disrupt when a digital currency is launched and allows certain individuals to maintain privacy over their cash and coin transactions.”
The bill will “amend the Federal Reserve Act to prohibit the Board of Governors of the Federal Reserve System from discontinuing Federal Reserve notes when issuing a central bank digital currency and for other purposes,” according to the text of the bill.
In addition, “the Treasury Secretary shall not cease the minting and issuance of coins under this section where a central bank digital currency is issued,” the bill details, adding:
No central bank digital currency is considered legal tender under Section 16 5103 of Title 31 of the United States Code.
Senator Lankford explained that state residents have expressed their concern that the Treasury Department could “phase out paper money and move to a digital dollar.” He stressed that many Oklahomans “still prefer hard currency, or at least the hard currency option.”
Lawmakers added, “There are still questions, cyber concerns and security risks for digital money,” stressing, “There is no reason we can’t continue to have fiat money and digital money in our country and leave it to the American people to like carrying and spending their own money.”
Lankford emphasized:
As technology advances, Americans shouldn’t have to worry about every transaction in their financial life being tracked or their money wiped.
Lawmakers stated, “There is currently no federal law prohibiting the Treasury Department from having only one digital currency.”
As the Federal Reserve works on a digital dollar, Fed Chair Jerome Powell said this week that a U.S. Federal Reserve (CBDC) digital currency will last at least a couple of years. “We’re looking at it very closely. We assess both the political and the technological issues, and we do so on a very broad spectrum,” Powell said.
Tags in this article cbdc, central bank digital currency, digital dollar, fed chair, fed chair cbdc, fed chair digital dollar, fed chair powell, fed chair, federal reserve chairman, jerome powell, jerome powell digital dollar, no digital Dollar Act
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Kevin Helms
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